Anhui Province-based Chinese steelmaker Maanshan Iron and Steel Group (Masteel) has issued its financial report for 2011, stating that during the fourth quarter it recorded a significant loss due to decreasing prices of its main products.
According to the report, in 2011 Masteel's operating revenue amounted to RMB 86.84 billion ($13.79 billion), up 33.6 percent year on year, while its net profit saw a 93.7 percent year-on-year decrease to RMB 69.6 million ($11.05 million).
Meanwhile, in 2011 Masteel produced 16.05 million mt of pig iron, 16.68 million mt of crude steel and 15.91 million mt of finished steel, up by 10.23 percent, 8.36 percent and 8.27 percent year on year, respectively. As regards 2012, Masteel aims to produce 17.61 million mt of pig iron, 18.38 million mt of crude steel and 17.88 million mt of finished steel.